Board Minutes
IOWA LAKES ELECTRIC COOPERATIVE
Board of Directors Meeting
May 28, 2026
ONLINE MINUTES
The meeting of the Iowa Lakes Electric Cooperative Board of Directors was called to order at 7 p.m. by Board Chair Dan Winterhof on May 28, 2026, at the Cooperative’s Service Center in Spencer, Iowa. Executive Assistant Amy Howard assisted in the taking of minutes thereof.
The following directors were present either in person or by video conference: Bruce Amundson, Ben Ashland, Chad Boysen, Jason Glienke, Nick Kerns, Jared Larsen, Alan Madden, Crystal Pluth, Gary Rouse, Mark Tuttle, Trent Will, Roger Williamson and Dan Winterhof. Absent: Jerry Beck
Also present for the meeting were President and CEO Ryan Craig, Vice President of Operations and Engineering Aaron Ruschy, Vice President of Finance/CFO Shelly Tredway, Vice President of Customer and Corporate Relations Jen Sievert and Executive Assistant Amy Howard. Absent: Cooperative Attorney Scot Bauermeister
Participating in a portion of the meeting were Palmer Capital Corporation Partners Sumul Shah and Guy Crepeau.
AGENDA
Board Chair Winterhof asked if there were any additions to the Board Agenda. Being none, it was moved and seconded to approve the agenda. Motion carried.
MINUTES
Board Chair Winterhof asked if there were any changes or corrections to the April 23, 2026, Board Meeting minutes as provided. Being none, it was moved and seconded to approve the minutes. Motion carried.
UNFINISHED BUSINESS
President and CEO Craig reported there was no pending litigation.
NEW BUSINESS
Wind Project Update – Palmer Capital Corporation
Palmer Capitol Corporation Partner representatives Sumul Shah and Guy Crepeau joined via video conference to provide an update on the potential repowering and sale of the two wind farms, including a review of the term sheet and key conditions. Upon conclusion of their presentation and discussion with the Board, Shah and Crepeau exited the meeting.
CFC Delegate & Alternate (Action)
Board Chair Winterhof stated a delegate and alternate are needed for the upcoming CFC Annual Meeting to be held June 15 in conjunction with the CFC Forum in Chula Vista, CA.
It was moved and seconded to approve the following CFC delegate and alternate:
CFC Delegate: Director Williamson Alternate: President & CEO Craig
Motion carried.
NCSC Class E Delegate & Alternate (Action)
Board Chair Winterhof stated a delegate and alternate are needed for the upcoming NCSC Annual Meeting to be held June 15 in conjunction with the CFC Forum in Chula Vista, CA.
It was moved and seconded to approve the following NCSC delegate and alternate:
NCSC Delegate: Director Williamson Delegate: President & CEO Craig
Motion carried.
ILEC Annual Salary Recommendation (Action)
President and CEO Craig presented the annual salary and wage adjustments review using NRECA’s most recent national compensation survey. The Cooperative’s strategic initiates, Policy 104 – Statement of Ideals and Objectives and Policy 304 – Salary and Wage Administration were reviewed. One of the key strategic measures of this is paying at the 3rd Quartile.
Craig’s 2026 Wage and Salary recommendation was an average market increase of 4.13% and a merit increase of .77% for a total annual adjustment of 4.90%.
Following discussion, it was moved and seconded to accept management’s recommendation for the appropriate salary adjustments to the various employee’s wage and salary scales effective July 1, 2026, in accordance with Cooperative Policies. Motion carried.
2027 Large Equipment Purchases (Action)
Vice President Ruschy provided the Board of Directors with cost information as it concerns the proposed 2027 large equipment purchases according to the Operation Department’s long-term equipment replacement schedule as included with the Operations work plan. Advance approval is being requested to purchase an ALTEC AT40-G Small Basket, ALTEC Body Truck with Ford Chassis and ALTEC DX60E Digger Derrick, ALTEC Body with Freightliner Chassis. A copy of the order requests is included as part of these minutes.
Following discussion, it was moved and seconded to approve the request for the replacement of trucks 1234 and 1246. Proposed replacement cost for boom and body: $671,700. Motion carried.
VP/CFO Financial Report
Vice President Tredway reviewed the financials for April 2026. Discussion followed.
NRECA Governance Talk Video
The Board of Directors viewed NRECA Governance Talk Video – NRECA’s Youth Tour – Investing in Tomorrow.
Vice President Reports
Vice President Ruschy reviewed his monthly report. Ruschy provided an update on the May 17 evening storm, including outage restoration and repair efforts. The Cooperative sustained damage to approximately 70 poles and eight transformers across the entire system, with the southern portion of the service territory experiencing the most significant impact and accounting for more than half of the total damage.
Vice President Sievert reviewed her monthly report. Sievert provided an annual meeting recap, noting the Cooperative awarded 60 scholarships totaling $51,000.
Vice President Tredway stated she was re-elected to the NISC Advisory Committee.
President and CEO Report
President and CEO Craig reviewed his monthly report, which included an overview of meetings he attended during the past month and an update on the Cooperative’s strategic priorities. Iowa Lakes awarded $1,000 scholarships to three employee dependents.
President and CEO Craig informed the directors he had received a Request for Candidates for District 5, Position D on the CFC Board. Craig reviewed the responsibilities and commitments associated with serving on this board. Directors interested in being considered as the Cooperative’s candidate were advised that applications are due by June 17, 2026. Discussion followed.
G&T Reports
Basin – Chair Winterhof stated the Basin video and report are available for review.
Corn Belt Power Cooperative – President & CEO Craig provided a Corn Belt report.
NIPCO – President & CEO Craig and Secretary Will provided a NIPCO report.
IAEC – Director Amundson provided a Statewide report.
DIRECTOR’S MEETING AND TRAINING REPORTS
None
MISCELLANEOUS
Board Chair Winterhof reminded everyone in attendance the next regularly scheduled Board of Directors meeting will be held at 9 a.m. on Thursday, June 25, 2026, at the Estherville headquarters.
Board Chair Winterhof requested miscellaneous items be brought before the Board of Directors for discussion and attention at this time.
Board Treasurer Pluth reviewed the journal of checks and master credit card statements issued for the month of April 2026 prior to the meeting.
Board Treasurer Pluth and Board Secretary Will reviewed and approved the director per diem forms for the month of May 2026.
ADJOURNMENT
There being no further business to be brought before the Board of Directors, it was moved and seconded to adjourn. Motion carried.
Approved June 25, 2026
Trent A. Will, Secretary